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August Jobs Report Puts US Nearly Halfway To Recovering Pandemic Losses, Unemployment Rate Drops
Evidence on the US labor market was mixed coming into August payrolls on Friday.
Jobless claims painted a somewhat convoluted picture and not only was ADP a big miss earlier this week, but the revision to July’s headline print was relatively small, meaning the yawning disparity with the government's nonfarm payrolls report remained intact for July.
In August, the US economy added 1.37 million jobs, the BLS said Friday, in what analysts variously billed as perhaps the last of the "easy" labor
I dont understand how new weekly filings for unemployment which add up to much more then 1.4 million, would not drive the unemployment rate up?
Because more than 1.4MM (different people) are hired (or reclassified into the ‘out of the workforce bucket). Another related data point is the participation rate
ok that makes sense. thanks.